The push to file your income taxes is upon us. After you submit your paperwork, you may be one of millions who receive a tax refund cheque a month or two down the road. But before you start salivating about how you’re going to spend that cheque, I want you to ponder this question:

Where will my tax refund make the biggest difference 10 years from now?

10 years?! Yep. 10 years. It can be really difficult to take the long term view on your money at any time of the year, but tax refund time is one time when it really counts. The trip to Mexico will make a difference today, as will the new bike. But if you took that refund and paid off credit card debt, contributed to your RRSP, or made a lump sum payment on your mortgage, what would be the impact 10 years from now?